Richard Petty Sells Majority Stake in NASCAR Team

Richard Petty has sold a majority stake in his NASCAR team, Richard Petty Motorsports, to GMS Racing, the team announced.

“Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing,” the team said in a statement announcing the sale. “Two charters are included in the agreement and will be operated during the 2022 NASCAR Cup Series season. This is a special moment for both organizations, as the Next Gen car allows a new chapter to be written.”

The team currently fields Erik Jones in the No. 43 car in the NASCAR Cup Series.

Additional details will be unveiled at the NASCAR Hall of Fame in Charlotte, North Carolina, on Dec. 7, the team said.